If you haven’t yet had a deal go bad, I can promise you that it’s coming. You’re going to have a deal that’s ready to close, but the title isn’t clear, or you’re going to have a house fire that turns everything on its head. Chris Arnold is one of our coaching students, and after just five months, he’s already got some epic stories.
Chris had lined up a solid deal with an absentee landlord when a tenant’s barbecue grill caused a disaster that sent everyone scrambling. Suddenly Chris had to figure out if the house was salvageable, while he was fighting off the wholesalers who specialize in the fire.
The magical phrase that Chris uses for buyers and sellers to keep the deal flow going is “What’s it going to take?”. Listen to how he uses the relationship he’s built with the seller to help everyone walk away feeling like they won.
If you’re a wholesaler who’s making a lot of offers, then you’re guaranteed to see some bad deals. Don’t sell yourself short by offering too low and watching your profit get whittled away as unexpected expenses crop up. Chris suggests you double-check your numbers after the seller accepts, but before you sign the contract. But no matter what, you have to keep your word to the seller, even if you only make a thousand dollars. Your reputation as a wholesaler is on the line.
I love Chris’s enthusiasm for real estate and his go get ‘em attitude. If you’d like to work with Chris, you can contact him at firstname.lastname@example.org. Get today’s episode, and all of the notes and resources from my other Deals Gone Bad episodes by texting the word “BAD to 313131.
Watch and Learn:
Listen and learn:
- How Chris keeps his marketing momentum going.
- A few ways you can use other wholesalers to find deals and leads.
- What to do when a property catches on fire.
Mentioned in this episode:
Download episode transcript in PDF format here…
Joe: Hey, what’s going on, friends, ladies and gentlemen, I’m Joe McCall. This is the Real Estate Investing Mastery podcast. Hope you’re doing well. This is number four of my Deals Gone Bad series. And this is going to be a good one because we’re going to be talking with Chris Arnold, who’s a wholesaler and kind of a newer wholesaler and has only been doing this really full time actively since May, which is about five or six months. And he’s already got a couple of bad deals. But this is awesome. I’m actually really excited about this because you’re going to learn what goes on in the life of a real wholesaler.
Joe: And even though Chris is new to the business, he’s been working with us since May. Like I said, and he’s been doing deals. He does not let the bad deals slow him down or discourage him. And it’s not fun. But you’re going to have deals that fall apart. You’re going to have deals that, like you think are close to closing. You’ve got you’re already counting your money. You’ve already spent it in your head and then it falls apart. What do you do? Like, oh, it sucks. Yeah, it does. But the worst thing to do is give up. And so in this series, I’m hoping to inspire you guys to like maybe this sounds morbid, but maybe this is realistic. Like you need to expect bad things to happen because not everything is a bed of roses. Not everything is easy.
Joe: Every single deal is different. So many people want a blueprint. They want, OK, this is how every deal goes exactly the same. It goes from here to here to here to here to here to here. And that’s what got me. That’s why I struggled so hard and I was getting started. I was an engineer. I went to school, I got degrees and I loved math. I was good at calculus and I liked it because I like solving problems. Right. So you have a math problem. You have one answer and there’s only one way to get to that answer. Right. And that’s what you try to learn in engineering school. You have a drawing. You have a building you’re trying to build. We were building power plants and you have this set of drawings. It may be this thick, but you have drawings where, you know, this is a foundation. These are the structural drawings. These are the electrical drawings, the plumbing, the map drawings, like, you know, and you can kind of see where it’s going to go from beginning to end.
Joe: But with real estate, especially when you’re a wholesaler, man, No. Two deals are the same. Why? Because there’s people involved. Right. You’re going to have a deal that you think is awesome. You’re excited, but it’s actually not a good deal. You’re going to have a deal where there’s something going on in the title and it’s not going to clear or there’s in Chris’s case, a fire happens. OK, and so we’re going to be talking about these deals gone bad. If you guys are interested in getting the mind maps of my notes for these podcasts, I want to ask you to go check out my mind map. You can get my mind map, which has all my notes, has the transcripts. It has the links to the videos that the previous episodes, future episodes get the mind map by texting the word bad to thirty-onethirty-onethirty-one. I don’t know why I chose bad. I was in a bad mood.
Joe: Text the word bad the thirty-onethirty-onethirty-one or just go to JoeMcCall.com/bad and that will take you to a link where you can get the mind map, get my notes and get. Chris is the fourth guy I’ve done this with. I’ve got about 20 more. I’m thinking about turning this into a book or some kind of resource I can give away for free to you guys and this is free. I’m not charging anything for this and where you can get the notes. And my biggest goal of this is for you guys to learn from the mistakes of others. Like they said, a smart person learns from their mistakes. A wise person learns from the mistakes of others. And not actually that these people made mistakes. But there’s lessons learned in these deals that have gone bad that you can apply to your own business so you don’t make the same mistakes.
Joe: Would that be helpful to you guys at all? Would you be interested in that? If you think this is a good idea and you want me to talk more about this, I want to ask you to do a couple of things. Number one, give me a thumbs up. If you’re watching this right now on YouTube or Facebook, give me a thumbs up. Share this. Subscribe to our YouTube channel, please, and subscribe to the notifications. Subscribe to the podcast. Leave me a review in Apple podcasts. Really appreciate it. Because we’re going to be doing more like this. And I releasetwo or three episodes a week and you can get on my episodes and videos on YouTube and you can go get them on Facebook as well even.
Joe: But I really like you to download the podcasts because that’s where you can listen to them while you’re driving around, exercising, working out, playing golf like I do, listening to podcasts. So subscribe to the podcast. Leave a review I’d really, really appreciate. All right. Enough of the chit chat. Let’s bring on Chris Arnold. Chris, how are you, man?
Chris: I’m good, thanks, Joe.
Joe: Man, you’re one of the guys that me and Gavin just love working with because they take massive action. We’ve been working with you as a client for five or six months now. Is that right?
Chris: May, right after the 30-day challenge. I came on the first one this year.
Joe: We’re doing a new thirty-day challenge right now, an accountability group. And I love to see the fire lighting up people that are lighting up inside of them, because that’s how you do deals. You make offers. There’s nothing else that matters. And you’ve been an offer making machine. It’s awesome.
Chris: That’s what it takes. It’s the numbers.
Joe: Yeah, it’s a numbers game. And so Chris posted, like, you’ve only been doing this five or six months and you’ve already got a couple of bad deals. Let me just ask you, this is a dumb question, but if you had more good deals or bad deals?
Chris: Some more good deals for sure. And that’s what you’re focused on, more good deals then bad. When you said that I only had a couple of stories and then so we’re good at that for sure.
Joe: Yeah. And so would you have found the good deals if you weren’t willing to work with the bad deals? You know what I’m saying.
Chris: Yeah, no, you got to keep digging. So the bad ones come and things happen. And then, you know, luckily we had a few good ones on, in title. So those kind of kept us driving forward or kept me driving forward. Like when you have the bad ones, you also can focus on the good ones coming up.
Joe: By the way, while you’re talking, if I’m looking down, I’m typing notes. So don’t think that I’m rude. And this is important because if you’re a wholesaler and you’re doing a lot of marketing, you’re talking to a lot of sellers, you’re making a lot of offers. You’re going to get deals that fall through. You’re going to get deals that fall through escrow or there’s some title issues that come up or the seller flakes out and they back out or somebody else tries to make an offer higher than you and you got to have some thick skin. I just saw this the other day. It was a picture of a rhinoceros. And the caption says, I choose my friends not by the color of their skin, but by the thickness of their skin. I love that. Right. Skin is your if you’re a wholesaler.
Chris: Oh, my gosh. Yes.
Joe: All right. So good. Let’s talk about some of these deals. And, Chris, you had one deal that we’ll just tell the story you were telling to me before. This is really good.
Chris:So we’re doing a virtual market. You know, I’m in northern California. This market is in Baton Rouge and the owner of this property is in Georgia. So through a lot of legwork and phone calls, I got a hold of the owner and made the offer, made the wholesale offer, didn’t like it. And we did a lot of back and forth. He had tenants in the property. It was in a not so great part of town. So his expectations for what he wanted were higher than where we were at to be profitable. Anyway, fast forward two months later, took us two months to get that contract.
Joe: Because you were following up with him.
Chris: Yes, following up consistently with every conversation back and forth. Also, he didn’t, he wasn’t in a hurry, so we just kind of kept up with him and he finally signed a contract. And then we did I think he gave us 30 days. So a two week inspection to get it sold. And right at the end of that two weeks, we had a bite. We had an investor come on and say, OK, I want this property. So we’re getting ready to lock up the buyer because we’re wholesaling the deal and we’re getting that paperwork ready. And this guy calls me that morning and says, so I have a little bit of bad news. And I said, OK. And it really depends on what kind of deal you’re having, how that hits you. And I’m pretty sure I was just let’s see what happens kind of mood.
Chris:So he said the house caught on fire. He goes, I haven’t seen it. I don’t know the damage. I got a call at 2:00 in the morning. I don’t know what’s going on. And I said, OK. And then I saw the normal questions, but he answered them and said, I haven’t seen it. No one’s over there yet. And I said, OK, I can send my guy over there to take pictures so we can all see where it was as we were getting ready to close. And it was bad. I mean, if I could share the screen, I would have pictures. I had my guy go over there, took pictures. When he came out, he smelled like char and he said like that for the rest of the day. So.
Joe: Well, let’s talk numbers real quick. What did you think the property was worth? What did you have it under contract for?
Chris: OK, so it was to us, I think ARV was sixty and it had a garage with the property, with a rental above it, and it had a main property both on the same. So they both had tenants in them, said the seller at the time. So when we ARVd it I think around sixty and then we contracted it at twenty four. Twenty-five. I think it worked out to where they that’s where we are because it had tenants and we weren’t sure if they were going to stay. And so we did our job. We locked it up at twenty-four, twenty-five and then put it out there to our network. And then finally and in the last minutes of our inspection period, we had someone come in at thirty five, sat under contract for twenty five ish and you were going to sell it for thirty five.
Joe: You’re going to make a ten-thousand-dollar assignment fee. Correct. Were you going to double close on it or assign it?
Chris: We weren’t going to close on it based on I mean with the network that I have there in Baton Rouge, everyone’s on the same page with what we’re all doing, trying to accomplish. And the seller didn’t mind because he was getting his number. He wasn’t too concerned about it. So the numbers looked good. Everything felt great. I think the main thing is we had to take so many people through that property and there’s tenants in there. So we had twenty four to forty eight hour notice. We had a landlord or a management company had to meet us there every single time. And so we probably had six or seven of our partners that we had to bring and walk around the property and they all took pictures and the numbers never made sense to them, mostly because they weren’t buying holds. And so we finally got a buy and hold investor that said, yeah, I’ll do it, and then you get the call in the morning.
Chris: And he said, it’s caught on fire. The tenant was on the porch barbecuing. And the kitchen caught on fire, the whole front of the house is on fire, and so I wasn’t sure if it was salvageable. And so I wanted to be the first one on the scene to take the pictures and get back to him immediately so we could kind of manage that situation and keep us in contract. But we did say we’re probably not going to be at the same contract point at this anymore. If it’s on fire, then that’s a whole new type of damage.
And we’re going to need to get in there and see what it is and how much it’s going to cost. And so our twenty five number probably is not going to be the number where he’s like, I totally understand that.
Joe: Did he have insurance?
Chris: He did not. That was one of the I guess is kind of the area where he’s had it forever. He’s got steady checks from it for probably 15 or 20 years and hadn’t seen the property for that long.
Joe: But he didn’t probably have a mortgage on it. So he didn’t really have to have homeowner’s insurance.
Chris: He didn’t. And so when that happened, he was basically like, make me an offer. And that was on that call. He was like, make me an offer. That tune changed a little later on, but he said, I don’t know, I might be willing to sell it to you for two thousand. I was like, I don’t know if that’s what it’s worth. Let’s take a look. I don’t know. But what’s interesting about fires is, you know, in any local area, when our house catches on fire, there are local investors that keep an eye out for that now public situation. It was an off market private deal. Then it became very public. So then he was starting to get.
Joe: Steely wholesalers. They go out and they get the there are services out there where you can be notified when there’s a fire and they look for those fires so that they can contact the sellers to make an offer to buy their house. Right. All right. So then what happened?
Chris:So I had my guy go over, like I said, and he took pictures. I called and I got the pictures and I looked through them. And then I needed to get with my wholesaler there to say, do we have any fire buyers? Because now our other investor was like, no, I don’t do fires. And that’s just a very black and white yes or no situation. So you have to have these people that specifically do fires. So he called around and said, I don’t know, maybe we can do 10 or 15 on it, but I don’t know. Let me see the picture. So I sent in the pictures is tantamount to our network. Got some nibbles pretty quickly within twenty-four hours. And so we had a number to work with. And so I went back to the owner and said, here’s our offer. And I think it was twenty five hundred or three thousand or something because remember before he said I’ll sell it to you for nothing, I basically need to get it off my hands.
Chris: Well by the time I called him back, within 48 hours, he had already had three people calling him to buy it off his hands. And so he said, I don’t know what I’m going to do. And I congratulated him because it was a it was a bad situation. He was about to sell it. We went through that whole process and now it’s on fire and he has this thing that he’s dealing with. And so I was like, you know, I’m glad you got some other offers, man. It sounds like they’re good. So let me know how those pan out if they don’t. We had a good rapport, too. If they don’t, then I will be in contact and we will come behind it and pick it up for you. I said OK. I did stay in contact. He had some liens on it that had to get through clearance through title and I was just looking at the notes on the account because you know in REI simple. It has all the conversations or the history, everything that happened when we talked on the phone. He was a really nice guy. I’m glad it worked out. He ended up selling it for fifteen. Fifteen. Yeah. He ended up selling rubble. It wasn’t livable. I mean the tenants were going to try and live in there after that, but it was, it smelled so bad they couldn’t. And I think then the city would have gotten involved in and said, you have to tear this house down.
Joe: Wow. So you lost the deal.
Chris: Yes, we lost that one.
Joe: Right. Well, what could you have done differently? To not have lost the deal, do you think? Or was it salvageable? Could you not have lost it?
Chris: I think that I had a really good rapport with that guy. I mean, he wanted, he waited for me. He waited for me to get back to him. He didn’t say yes to the other people. He did tell me when I called him he had other offers but was waiting for me to call him back. And so I think rapport was very important in that process. I don’t think it was salvageable just based on the fact that we couldn’t get paid and make it profitable for us in our group. And so it wasn’t a good fit. It was a tough pill to swallow after all that time and all that back and forth. I mean, there’s a lot of calls, I mean, leading up to the contract alone. So it was two months ago I got a contract. It was a back and forth through email. In fact, that one showed up in my email, the contract, really. So we went back and forth for a long time and he was my follow up schedule call, hey how’s it going, change and all that. And then I think one I would have to look back in my, we have the counter that you provide us to keep track. And so I have it in there. But I think it just showed up in my email and I said there is that contract. And so that started that process.
Joe:So did the buyer actually end up buying it?
Chris: The buyer did buy it. There was a small title issue. The last time I checked in, it had closed and it was a deal, and that guy’s on to passed it.
Joe: So, you know, it’s interesting, a great source of potential leads are other wholesaler’s deals. And what I mean by that is a lot of wholesalers, especially the newer ones, are the ones that maybe aren’t experienced, will get a property under contract and will start marketing the contracts. You want to get on all of their lists. Right. And you should still make offers to that wholesaler on a price that, you know, you could buy it for. Right. Because a lot of times those deals will fall through. There’s not enough meat on the bone. And so if you as an example, the wholesalers advertising this property for thirty five thousand and, you know, you couldn’t sell that thing for more than twenty five thousand. So you offer 20. So you got a little five thousand dollar margin there, right.
Joe: Well, you just keep on following up with that wholesaler because that wholesaler is probably going to find out in three or four weeks. I haven’t sold this yet, but they’ve got an offer from you. So now they have a number. They can go back to the seller and say, listen, I’m sorry, we’re going to have to cancel this contract or I can buy it for 20, something like that. Right. If you get your foot in the door, kind of get in waiting in line five because you’ve already submitted an offer. So even though it’s 15 grand or less than whatever they were asking for before, you still send an offer to that wholesaler and say, listen, if things fall through and this doesn’t work out, let me know because I would be able to buy it at this. That make sense?
Chris: It makes perfect sense. And I’ve done that specifically. So it’s great advice.
Joe: And the other thing, too, is when you see those wholesalers advertising those properties, see if you can find out when they’re supposed to close by and then follow up with the seller the day after that.
Chris: When’s your inspection period to end or when’s it supposed to close?
Joe: You don’t want to steal deals from wholesalers. That’s not what I’m saying.
Chris: But I know you want to follow with them and say, hey, did it close, if not great, we have an offer for them. And that’s happened a few times. In fact, also, when you call a property owner and it’s in contract or pending, we still put them in follow up. What did you end up selling? It now is still owning the same deal.
Chris: Well, good, because they probably have other deals they might want to sell. They may become a private investor. They might become a buyer for some of your other deals.
Joe: Did you have another deal that fell through?
Chris: Let’s do a win. It ends in a happy story. So I have another property. And again, I used your model automation where I have a wholesaler in our market, so I get a contract. I send it to him. He does his job on dispo and we did this. We got people. And luckily this property was vacant. And I don’t know if there was a door, but people could just walk in. And so we were able to say, hey, if you want to go see it, a drive by, take a look. So it’s really easy access and time people go and then no one made offers.
Chris: Then we finally just almost outside of the inspection period, we got someone that said, yes, I’ll pay your price sign a contract. In title. Awesome. I’m counting the money already. Right. It’s in title, which you shouldn’t do because you still have ten days of title work and all that.
Joe: Sure. Yeah.
Chris: I was excited because it was actually one of my first deals and so I was pretty excited about it. And then they went and looked at the property with their contractor a second time and said, those numbers aren’t going to work for me. Here’s where I’m at. It was below our number. And so in title. Already counted the money. It was done. And so he canceled his contract and then my wholesaler exhausted his network there in the market. Luckily, when I first came on with you guys, you were like, go find some buyers in the market. So I had a handful of my own buyers. I sent out a text real quick. My buyer went out into the looking and said, hey, I’m interested, let’s do the contract.
Chris:So we did a contract. She goes to put the deposit down at title Indro buy the property again just to double check. And she said, I can’t. I can’t do it at that number. And since then she’s ghosts me. So we’re already in contract. She ghosts me for at least a week and so I’m sweating. I only have a few days left on inspection again. And so I just called her and said, hey, what do you need to be at? And so I made a thousand dollars on that deal, but it helped the owner out who wasn’t able to leave their house. They’re older and she had some grandbabies. I know every time I called, she had some grandbabies background. So it helped her. She needed out of the property. She wasn’t living in it. And it helped the investor. And I followed up with that investor a little bit later and she sold it to another investor. So she was able to make a little bit of a profit, but it fell out twice. And then when I finally got a hold over a week later, I said, what’s it going to take? Just you just tell me.
Joe: That is such a good question. I’m going to write that down here. My notes. What’s it going to take? That’s a question you ask sellers and buyers.
Chris: What’s it going to take? What do you what do you want? And often times it’s a ridiculous number. But, you know, it was it she went really low. And I said, I can’t do that, but I can do this. And then she ghosted me for a little bit longer and then said, OK, and then just drop the money off at title. She dropped like a thousand-dollar deposit or something.
Joe: But, you know, and you made a thousand dollars on that deal. That’s not bad. That’s great, my smallest deal was two hundred and thirty-four dollars, I think it might have been three hundred and something, but it was two or three hundred dollars on a deal. But you know what? I kept my word to the seller, right? And I closed on the deal and it could have gone a lot worse where the seller could have been real upset that I walked away. But it was definitely I put a lot more time into it than two or three hundred dollars. But yeah, that’s so important. In fact, I’m gonna write this down. Another keep your word to the seller that’s we can go through is making sure that I honor my commitment to the seller, which was to purchase property.
Joe: Oh yeah. It sure beats. It’s going to sound vulgar. It beats a kick in the nuts. Right.
Chris: Like a poke in the eye, a poke in the eye here than a poke in the eye. My wife as well.
Joe: All right. All right. So what would you would you have done anything different on that deal?
Chris: On that one? Our margins were very low to begin with. And so I if you look at the conversation, I went in high from the get go with the owner, and had I gone in lower, it would have been easier to salvage probably the first person buyer. And so just because our margins were so thin, I think they were thirty-five hundred. They ended up being very like twenty-four to twenty-eight, which is where we were. And that’s not what we went in thinking that’s what it would be. We always plan for 15 to 20 and then it gets whittled down to end on ten.
Chris:So I would say make sure you do the best you can on your numbers before you get a contract. And now I have a thing in place when someone says, I’m interested in your offer, we go back and rerun numbers to make sure before we sign that everything looks as good as it can look right now.
Joe: I’m writing this down. Double check your numbers after the seller steps before you sign the contract. Very good. What were some of your biggest takeaways from lessons learned from these two deals?
Chris: I think the biggest takeaways while I was going through them was it was tough emotionally because it really was my first month. And so having them after, you think signing the contract is like the climax of the process? It is not. It’s the beginning. And it was a learning curve for me, but it was tough. But because I had a few other deals turn, even if I would have had one more attorney, I always felt good about that, you know what I mean? And that’s from making the offers every day I pipeline now. But if I didn’t, it would be a little bit harder. Just pushed me harder.
Joe: That’s so cool, because if you’re counting all of your if you’re just counting on that one deal to close and it doesn’t, you don’t have anything else. And this is why its marketing is so important, isn’t it? Because you’ve got to keep that pipeline full of leads to sometimes you might get a deal under contract, but you don’t actually sell it for another three months. Something falls through with title. So what are you going to do during that three months? Well, you got to keep that marketing pipeline full of leads. One of the things that I had early on when I was getting started was I would do a bunch of marketing, get real busy, start working with a bunch of sellers, and then stop my marketing and get these some deals under contract and then sell them. And then two months later, I get some money. I’m excited and I turn around and there’s no new leads coming in. And I realize, like, shoot, that’s not going to work out because I go from making good money to like hungry and freaking out and like I need some money and that this vicious up and down cycle and marketing is not like a little light switch that you can turn off and on. It takes time to build the momentum of the leads coming in, doesn’t it?
Chris: It does. And you had a saying because I started listening to you in twenty fourteen, you said is it in spite of me, there’s something for you because you’d had those peaks and valleys and then you figured out you needed someone to do it for you and that’s where you had your voice and stuff to continue the market.
Joe: I’m writing that down right now. And in the mind map, which you all should get, you should get my notes here. These lessons learned in the mind map. Text the word bad to thirty-one, thirty-onethirty-one or go to JoeMcCall.com/bad. But marketing momentum. You got to get someone else to do the marketing for you in spite of you. And that way you don’t worry about the pipeline being filled with leads because it’s just coming in. And the cool thing about that too is now when you’ve got a bunch of leads coming in, you’re not trying to qualify each lead that comes in and trying to turn a non-deal into a deal. You’re not becoming a motivated buyer now. Your job, because you got so many leads, your job is disqualifying the leads that are coming in. You’re not chasing sellers. Right? Because the harder you chase sellers, the faster they’ll run when you’re desperate and you need a deal. But you’ve got a lot of leads coming in. It gives you more positioning. It gives you better positioning, more control. Cool. Chris, one more question. Advice would you give to somebody listening to this, maybe a new beginning investor who is trying to do some wholesaling, trying to do some deals?
Chris: I think you have to be consistently making offers so that if you have a deal goes south, you have other deals coming into your pipeline. You really have to consistently make offers on a regular basis, whether that’s one a day or two, whatever that. Because even now, when I look in my pipeline, I think I had to drop recently, but I had two more that were moving. And so it’s that. So my recommendation is keep that pipeline for consistently matter what. Because then even if you have a bad day, tomorrow is a different.
Joe: That’s so awesome. And I’m so happy and proud of you. Chris gets it!
Chris: You guys are great coaches. You guys are great, good content. As I just want to say, when I came on. Long time listener, first time caller.
Joe: Here’s the crazy thing, guys. Like, I hope you are picking up what we’re laying down here, right? Like, if I had a mic, I would drop it because, like, man, this is good stuff. If you guys can understand this, listen to it. And just like, rewind this. Listen to this. Watch this again. Because so many good gold nuggets here in what we’re sharing, what Chris is saying here, that this will save you tons of heartache and pain and tears and suffering. And if you just learn the importance of consistently making offers, cool. So I’m going to manage. I mean, it’s going to review some of my notes here real quick and then we’ll wrap this up, some of the lessons learned from this. I think this is so important.
Joe: You’ve got to manage the deal. You’ve got to stay in control. And you did a real good job, Chris, of communicating with the sellers, with your buyers, managing the deal, not just trusting them to take care of it. Staying on top of it, going the follow up, calling and not being afraid to pick up the phone and not burying your head in the sand either when there’s a problem like a fire happening right. In managing the deal, staying in control, you got to have backup buyers, which I heard you say a couple of times, you always need to be marketing for buyers. And because if one buyer flakes out, you got another one.
Joe: Don’t put all your eggs in one basket. In terms of, and we just talked about this, in terms of deals like you’re not just hoping that you make money from this one deal because it may not happen. Follow up, follow up, follow up. Important it’s important to build good rapport with the sellers. Always be marketing for buyers. And I love the question, what’s it going to take right when you’re talking to sellers and buyers, what’s it going to take to make this happen? The other thing is keep your word to the seller, keep your word to the seller. If you say you’re going to buy it, do whatever you can to buy it. Double check your numbers after the seller accepts your offer, before you sign the contract to make sure it’s looking good. Talk about marketing and momentum. Getting the marketing done for you in spite of you and consistently make offers. Always make offers on a regular business. If there’s one KPI, the most important number to track, in my opinion, is a number of offers that you’re making. Hopefully you guys can still hear me and see me. My video looks like it’s lagging, but make offers. That’s the most important metric in your business. How many offers have you made in the last day or the last week? Cool, Chris. Anything else you want to say?
Chris: I just, do listen to Joe. Listen to Gavin, whoever you’re working with directly, because every single thing they’re saying works. But you got to do it. You’ve got to work it. You got to pick up the phone. You’ve got to make the offers. It is scary, but do it anyway. It’s totally worth it, especially when you get a good pipeline. Go. It doesn’t happen maybe week when we do. But I think in week three I started feeling it. I feel the momentum. People are like getting to know the realtors, the wholesalers. It’s a whole new ballgame. You want people to know who you are in the market. So thank you very much.
Joe: Thank you. I appreciate the kind words, Chris. And if you are working interest and working with me and Gavin, go to Coach Joe, that net coach Joe Dot Net, check it out to take you to a page. You fill out a little survey, let us know who you are, what your goals are. Get on the phone and talk with you. You’ll work with me and Gavin and we’ll talk and see if we are good fit. So cool. Chris, if somebody wants to get a hold of you or you on Instagram or Facebook or you just maybe don’t want people to reach you, it’s OK to say that.
Chris: They can send me an email. I mean, for our property company, it’s email@example.com. No dot com. I know it looks weird when you type it in, but it’s just properties. That’s the properties. So it’s cj.properties.
Joe: Yes. OK, cashoffers@cjproperties. Love it. OK, cool. We’ve got a couple of questions here real quick. While people were listening. Is that alright? Yeah, we’re looking a little bit over what I told you what we’d be at. How do you determine estimated repairs when you’re on the phone with the seller a thousand miles away, how do you determine repairs? What do you do?
Chris:So this would be your initial call and you’re asking them the condition of their property if they’ve done any renovations, stuff like that. And it’s just going to go from very little, which is five dollars a square foot. That’s what we used to. Thirty-five dollars a square foot, which is a total redo. So it’s your notes, this information together when you’re talking to them about the condition determining their time frame and their motivation. So that’s where you get that. And you can you get a guess before you get in?
Joe: One of the things I like to do. It is a guessing game, but I just round up to the nearest five thousand or something, right in most of the areas that we’re doing wholesaling in, it’s you’re looking at five, 10, 15, 20 grand for repairs sometimes. Right. Or you can do five dollars, 10 dollars a square foot, 20 bucks a square foot in my courses. I do give a different sheet that you like. If you wanted to have somebody go inspect the property, you can give them a simple sheet. They can put on a clipboard and check off things and they can get estimated for repairs. There’s also a simpler freedom, soft as a guesstimating tool for repairs that you can use. Don’t complicate it.
Joe: And sometimes you just don’t know until you get a buyer to go look at the house and tell you what it’s going to be. My man, Todd Toback is watching. Todd Toback and I go way back. He was one of my original coaches and a super smart guy out of San Diego. What’s up, Todd? Thanks for giving me a comment. Some love and cool. All right, Chris, thank you so much for taking the time to be here. I really appreciate it. It’s been really, really good. I hope you guys are paying attention to some really, really valuable lessons here. We’ll talk to you soon. Chris, take care of me.
Chris: I appreciate you. Thanks, Joe.
Joe: See you later. Bye bye.
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